Adam Smith is not known for the circular flow model of a mixed economy. The circular flow model is a concept more commonly associated with later economists and is used to illustrate how money flows through the economy, typically in a mixed economy context. Adam Smith is primarily known for his ideas on the invisible hand, laissez-faire economics, and his seminal work "The Wealth of Nations."
Which of the following is the free market economist Adam Smith not known for?
the circular flow model of a mixed economy
the concept of the invisible hand
explaining the idea of laissez faire
The Wealth of Nations
1 answer